KUALA LUMPUR (Feb 13): PETRONAS Gas Bhd (KL:PETGAS) announced on Friday that its shareholders have approved the group’s proposed international reorganisation to separate its regulated and non-regulated businesses.
In a filing with Bursa Malaysia, PETRONAS Gas said the resolution was passed at a virtual court-convened meeting on Feb 12 with about 99% of shareholders supporting the plan. Results of the poll showed 1,832 voters with "for" and 120 voters with "against" votes.
The restructuring will see PETRONAS Gas transfer its gas transportation, gas processing and utilities businesses into wholly owned subsidiaries via a member’s scheme of arrangement under the Companies Act 2016.
In a previous filing, the group said the plan entails the gas transportation business moving to PG TransCO Sdn Bhd, while the gas processing will be placed under PG Gas Processing Sdn Bhd. The utilities business will be transferred to PG Utilities East Sdn Bhd, which sits under PG Energia Sdn Bhd — the designated holding company for the group’s utilities and energy ventures.
PETRONAS Gas said the exercise is aimed at creating a clearer distinction between the group’s regulated activities such as gas transportation and gas processing, and its non-regulated utilities and energy operations.
The group said the reorganisation would support its medium- to long-term strategy to remain competitive, efficient and relevant. PG Energia will consolidate related businesses and projects to improve cost competitiveness and responsiveness to market demand.
PETRONAS Gas said the proposed reorganisation, which is targeted for completion by the end of the third quarter of 2026, will not affect the group’s share capital, shareholder structure, or earnings per share in the near term.
Shares of PETRONAS Gas were down 24 sen or 1.29% to RM18.30 on Friday’s midday break. At its last price, the group was valued at RM36.2 billion.